CARD Act Signed Into Law, What Happens and When?
On Friday, May 22 President Obama signed the landmark Credit Card Accountability Responsibility and Disclosure Act, or better known as the CARD Act. The CARD Act is meant to protect consumer from the abusive acts of credit card issuers. It becomes enforceable law at the end of February 2010, a full five months earlier than similar protections adopted by the Federal Reserve, which would have gone into effect in July 2010. A highlight of the new law and its provisions is as follows: Gift Card Longevity – Today gift cards have descending value, meaning that as the gift card remains unused the...
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